#MarketTiming – chopping at highs…

Kind of a weird choppy day.

Dow up a lot, SPY and Russell touch new highs, Nasdaq not hardly up at all.

And yet two of my three end-of-the-day signals – price and short-term breadth – are on buys signals, the third – volatility – missed registering a buy today by a whisper so I guess we’ll see what tomorrow brings.

Long-term breadth remains positive so there is a good chance the market does move higher tomorrow.

This is a ragged and scary market now which is what bull markets do to traders while investors just blithely hold on until all hell breaks loose (as it always does eventually). The VIX particularly at the moment is making a low not since 2007 just before the last time hell came to visit.

SWING TRADING SIGNALS:

PRICE: Positive. Long (Trade Day 2).
SHORT-TERM BREADTH: Negative. Flat (Day 1).
VOLATILITY: a sell on tomorrow’s open, Flat (Day 2).

CONTEXT:

LONG-TERM BREADTH: Positive (Day 10).
CNN MONEY’S FEAR AND GREED INDEX: (81, rocketed to the extreme greed level).
NIFTY-50 STOCK LIST: 30 Buys, flying; 22 Overbought, 3 Oversold, 8 new buys today, 3 new sells.

(click on chart for a larger view)
MASTER2017-04-17_1628

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